Bahamas, July 27, 2017 – Nassau – The government has a strategy to improve the economy of Grand Bahama by promoting entrepreneurship, said Minister of State for Grand Bahama in the Office of the Prime Minister, Senator the Hon. Kwasi Thompson, during the graduation ceremony of the National Training Agency on Wednesday.
The event, where some 63 trainees graduated from Cohort 5, was held at A Social Affair Convention Centre.
The Minister assured the graduates that he had a message of hope that the government is working to get people working.
“We are well aware of the urgent need for jobs and economic stimulus on this island. It is what we were elected to do. For me, it is what I go to bed thinking about; it is what I wake up thinking about. It is why I pray to God for His wisdom, and guidance and His favor.
“A major part of our strategy is first, our major Tourism properties must be brought back to life. We are in continued and urgent dialogue with the principals and potential buyers for the Our Lucaya properties. We know how important these properties are to Grand Bahama. The government will not stand by and let these properties continue to cripple our economy. We will facilitate the best deal in the shortest period of time. One way or another the government will ensure that the property is renovated and opened. It is time that the government becomes the leader of our own successful destiny in this matter. This will allow you to benefit directly through employment or from smaller connected businesses.
“Port Lucaya will get more help and so for the next few months the government will step in and will be bringing activities to Port Lucaya to assist venders. I will be saying more on this on the weekend.”
The Minister also noted that he has met with the owners of Royal Oasis, and advised them that that situation cannot remain as it has.
“We will also be meeting shortly with the Grand Bahama Development Company and the Grand Bahama Port Authority on moving the real estate market and making land available for Bahamians as well as improving the look of Grand Bahama. We must first look like a vibrant city if we want to attract more investment.
“Second, investment must be allowed to freely flow in Grand Bahama. We are seeing good investment interest however; this interest cannot be allowed to bottleneck. Therefore we are opening an investment unit or Grand Bahama unit of the Bahamas Investment Authority to more efficiently process applications. We are also exploring ways of reducing government regulations and red tape in an attempt to open the floodgates of investment for Grand Bahama. The more investment the more jobs for young people like yourselves.
Third the government will develop the Spirit of Entrepreneurship in Grand Bahama. To this end the government will be assisting small businesses through Small Business Development Centres. We must move away from the attitude of finding a job rather than owning a business. I encourage you to develop an entrepreneurial spirit with the skills that you have received.”
“These centres will be located in the New Providence and Grand Bahama campuses of the University of The Bahamas. “Once fully implemented it is our vision that the Centre will be the leading driver of economic growth for small businesses by empowering entrepreneurial development throughout The Bahamas. The government will assist with training, some funding, advice on funding and helping with running the business.”
The Minister continued, “In addition we are actively working to begin the Business to Business Initiative, wherein large corporations on the island will make their daily operations and demands known to aspiring or existing small business owners. Millions of dollars leave this country and I believe we can spend some in Grand Bahama. We are talented and gifted and can provide many of the services that these large companies now export. Foreign does not mean better.
“It is the government’s hope that this information from these businesses will spark ideas in entrepreneurs and create opportunities. Your business or your skill may very well have the capacity to cater to a market or need that you had not previously considered. Just as likely, you may be inspired to create a business based on a need you had no idea existed. The first will be the Grand Bahama Shipyard.
“In the next few months you will also be hearing about our Grand Bahama Tech summit which will bring talented Bahamians from around the world to create a master plan for young entrepreneurs and small businesses to make Grand Bahama a Tech hub.
“We also have plans in Grand Bahama to work with the Bahamas Development Bank to offer funding for trained entrepreneurs for specific projects.
“We will also be supporting and facilitating training in the maritime industry to take advantage of our location and infrastructure.
